How much do you values spending at least 5 years of your life doing original research a super narrow topic versus spending 1-2 years getting ready for job interview.
Nothing wrong with doing a PhD for people who love learning. Some other people would prefer joining the industry and make money as soon as possible.
Hard to know what your ROI with a PhD at unknown school. With a top master, at least the ROI is predictable, assuming that top master has a public track record of job placement.